What are Markov chains?
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Markov chains are a mathematical approach used to model random behavior. They are often used to simulate random processes based not only on the current situation, but also on previous events. They use probability distributions to predict how likely certain events are. This technique is commonly used in fields such as natural sciences, finance, artificial intelligence and data analysis.